Ferrari N.V.

Q2 FY26Automobiles

Ferrari N.V. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹346

Market cap₹81.0K Cr

P/E31.5

Published29 May 2026

What the Q2 FY26 call signalled

2 of 4 strong

RevenueRank 3

MarginRank 3

CapexYes

Order bookYes

Not discussed on this call: fundraise.

The short version

- Order book continues to extend further towards the end of 2027, signaling sustained demand. - New models ramp-up planned throughout the year, including 296 Speciale, Amalfi Spider, 849 Testarossa, and the upcoming Ferrari Luce, supporting growth in deliveries. - Product mix shift towards higher-end models and personalization (approx. - Ferrari confirms its full-year 2026 guidance, reflecting strong confidence despite global challenges.

From Ferrari N.V.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Rank 3

Order book continues to extend further towards the end of 2027, signaling sustained demand.
New models ramp-up planned throughout the year, including 296 Speciale, Amalfi Spider, 849 Testarossa, and the upcoming Ferrari Luce, supporting growth in deliveries.
Product mix shift towards higher-end models and personalization (approx. 20% of car revenues) contributes to revenue growth and pricing strength.
First half and second half profitability more evenly spread than initially planned due to country mix and market adaptations.
Full-year growth targets include offsetting headwinds from industrial costs, R&D, SG&A, and FX with mix and pricing.
Continuous order intake across all models and regions, including strong interest in the Middle East despite geopolitical challenges.
New launches and personalization options expected to sustain volume and ASP growth through 2026.

Profitability & Margins

Ferrari confirms its full-year 2026 guidance, reflecting strong confidence despite global challenges.
Q1 showed strong and growing earnings supported by an improved product mix and personalization.
Guidance for profitability is now more evenly spread between H1 and H2, due to country and product mix adjustments.
No specific supply-side pressures are expected that would impact profitability.
Industrial free cash flow was strong in Q1, supporting positive financial health.
Headwinds from FX, industrial costs, R&D, and SG&A are expected but anticipated to be offset by pricing and favorable mix.
Order book continues to extend toward end of 2027, indicating sustained demand and revenue visibility.
Personalization remains robust (~20% of revenues), supporting margin expansion.
Management emphasizes flexibility and nimbleness to navigate uncertainty and maintain earnings growth.

See what Ferrari N.V. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Capital expenditures in Q1 focused mainly on product and infrastructure development.
Construction of a new paint shop is progressing as planned, with completion of external walls and start of equipment installation.
Investments support production capacity and innovation aligned with new model rollouts.
Continued investments in testing infrastructure, such as the recently built e-Vortex track, enhancing quality, safety, and sustainability.
Strategic investments also include technology development for new models (e.g., Ferrari Luce with 60+ patents).
No specific details disclosed about future capex amounts, but investments align with the strategic plan and model launches throughout the year.

Fundraising & Capital Structure

The document does not mention any plans or activities related to new fundraising through debt or equity.
It highlights strong financial results, with industrial free cash flow of more than EUR 650 million and a net industrial cash position of approximately EUR 390 million at the end of March.
There is mention of ongoing share repurchases in the quarter, indicating capital return to shareholders rather than new equity issuance.
The net financial position will also reflect a dividend distribution of approximately EUR 640 million following AGM approval.
No direct references to new debt issuance or equity fundraising are present, suggesting no current or planned fundraising in this regard.

See what Ferrari N.V. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Yes

The order book has further extended towards the end of 2027, indicating strong future demand.
The order book is strong and continues to grow with additional client orders, including in the Middle East.
Many new clients are coming in, including those attracted by new models like Ferrari Amalfi.
Personalization accounts for about 20% of revenues from cars and spare parts and remains strong in the order book, though it is less predictable.
No abnormal cancellations have been reported; the situation remains under control.
The company is managing logistics effectively to ensure deliveries, even amid geopolitical challenges.
For the Ferrari Luce, orders will start after the official launch on May 25, 2026; no pre-orders are currently accepted.

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Frequently Asked Questions

What were Ferrari N.V. Q2 FY26 results?

What is Ferrari N.V. share price analysis?

Ferrari N.V. currently shows a below-average growth signal. The stock trades at a P/E of 31.5 with a market cap of $81,027. Investors should review the full earnings analysis for detailed insights.

Is Ferrari N.V. planning capital expenditure?

- Capital expenditures in Q1 focused mainly on product and infrastructure development.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.